Lattice Semiconductor Corporation (NASDAQ:LSCC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Retirement of CEO. On March 12, 2018, the Company announced the retirement of Darin G. Billerbeck, the Chief Executive Officer of the Company. Mr. Billerbeck will remain Chief Executive Officer and a member of the Board of Directors until March 16, 2018, and an executive until his retirement on May 31, 2018.
In connection with his retirement, the Company and Mr. Billerbeck executed a Separation Agreement, which is attached as Exhibit 10.1 and is incorporated herein by reference. The Separation Agreement provides for a $1.0 million cash severance payment, the vesting of equity awards as required under the terms of his Employment Agreement, the vesting of 35,000 restricted stock units and reimbursement for up to 12 months of health care. These benefits are consistent with Mr. Billerbeck’s termination benefits under his Employment Agreement, dated November 8, 2010. The Separation Agreement also contains other customary provisions.
Appointment of Interim CEO. On March 12, 2018, the Company also announced the appointment Glen Hawk as Interim Chief Executive Officer of the Company, effective March 16, 2018. Mr. Hawk’s compensatory arrangements will remain consistent with his Employment Agreement dated November 6, 2015, which is filed as an exhibit to the Company’s Annual Report on Form 10-K, other than an increase in salary of $15,000 per month while he remains Interim Chief Executive Officer.
Mr. Hawk, 56, joined the Company as Corporate Vice President and Chief Marketing Officer on May4, 2015 and was appointed to the new role of Chief Operating Officer on November6, 2015. Prior to joining the Company, Mr.Hawk served as Vice President and General Manager of the NAND Solutions Group at Micron Technology. Before joining Micron in May 2010, Mr.Hawk was Vice President, General Manager of the Embedded Business Group at Numonyx and was at Intel for 22 years in both engineering and business functions, including General Manager of Intel’s Flash Products Group. Mr.Hawk started his career at Monolithic Memories developing Programmable Array Logic technologies.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
LATTICE SEMICONDUCTOR CORP ExhibitEX-10.1 2 lsccex-101billerbecksepagr.htm EXHIBIT 10.1 Exhibit Exhibit 10.1RecitalsThis Separation Agreement (“Separation Agreement”) is made by and between Darin G. Billerbeck (“Executive”) and Lattice Semiconductor Corporation (the “Company”) (jointly referred to as the “Parties”): WHEREAS,…To view the full exhibit click here
About Lattice Semiconductor Corporation (NASDAQ:LSCC)
Lattice Semiconductor Corporation is a United States-based company, which develops semiconductor technologies that it monetizes through products, solutions and licenses. The Company operates through two segments: the core Lattice (Core) business, which includes intellectual property (IP) and semiconductor devices, and Qterics, a discrete software-as-a-service business unit in the Lattice legal entity structure. The Company is a provider of customizable smart connectivity solutions based on its low power field programmable gate array (FPGA), video application specific standard product (ASSP), 60 gigahertz millimeter wave, and IP products to the consumer, communications, industrial, computing and automotive markets across the world. Its products include iCE40 Ultra/UltraLite, iCE40 LP/HX/LM, MachXO3, MachXO2, MachXO, HDMI Transmitters, HDMI Receivers, USB Type-C Port Controllers, Port Processors, Analog to HDMI/MHL Converters, MHL Transmitters, UltraGig 6400 and 802.11ad Chipsets.
